Sunday, March 20, 2011
Reason #1 the Olentangy levy is unneeded
The district currently has sufficient bond residuals to fund the $24.4 million on the ballot. Where is the money? $12 million of bond residuals was moved into the permanent improvement fund last year. Why was it moved there? I'm not certain. But I know that it is not going to be used for permanent improvements. That's right. An internal district document shows that money being set aside other purposes. Another $5.5 million is sitting in the bond fund, and just like the $12 million in the permanent improvement fund, unspent on previous projects. So, assuming the listed projects and expenses are needed (and should be funded over 27 years), the district has sufficient bond residuals (if they trim just some of the fat, of course).